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German economic institutes hike 2015 growth forecast to 2.1%

Carl-Ludwig Thiele, member of the executive board of the Deutsche Bundesbank, presents new 20 Euro notes in Frankfurt am Main, western Germany, on March 4, 2015The German economy, Europe’s biggest, is enjoying a robust recovery, fuelled by cheap oil, the weak euro and a boom in consumer spending, the country’s top economic institutes said Thursday, sharply upgrading their growth forecast for this year. The institutes — the DIW in Berlin, IWH in Halle, Ifo in Munich and RWI in Essen — predicted that gross domestic product (GDP) would expand by 2.1 percent this year, faster than the 1.6 percent recorded in 2014. The 2015 forecast was also much higher than the 1.2 percent they had foreseen last autumn. “The German economy is in a robust upturn, stimulated by unexpectedly expansive impulses, particularly the drop in oil prices and the sharp devaluation of the euro,” the institutes said in their traditional spring forecast.

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